Where should I setup a bank account in Panama?
We asked expats in Panama what banks they use and there advice about banking. They advised...
"Step 1: Work with a local partner in Panama such as a law firm or Business services company. Step 2: Match your business needs with a suitable Panamanian bank. Your lawyer can also guide you here. Step 3: Banking documentation in Panama (i.e KYC, valid passport, financial statements, bank and commercial references)," wrote Business Panama from Business Panama Group.
The Business Panama Group (“BusinessPanama”) is a well-established group of companies, professionals and alliance partners promoting and facilitating business, investments, real estate, immigration and tourism in Panama by providing information, business, legal and investment services to individual and corporate investors.
Click connect to have our partner, Business, contact you via e-mail and/or phone.
The Business Panama Group (“BusinessPanama”) is a well-established group of companies, professionals and alliance partners promoting and facilitating business, investments, real estate, immigration and tourism in Panama by providing information, business, legal and investment services to individual and corporate investors.
Click connect to have our partner, Business, contact you via e-mail and/or phone.
"1. Expats should do careful research about the local tax laws, including estate and capital gains taxes, and the costs of banking, property and investment services. 2. Expats should familiarize themselves with the local culture and language. Spanish is the primary language spoken in Panama, and understanding it will make living in the country much easier. 3. Expats should look into the cost of living in Panama, as the cost of living can vary greatly depending on location and amenities. 4. Additionally, expats should look into the quality of healthcare services in Panama, as the quality of care may vary significantly. 5. Lastly, expats should read up on the retirement visa requirements and make sure they are in compliance with the country’s immigration laws," wrote a member who made the move to Panama.
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Other Questions:
- What do I need to know before retiring in Panama?
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- Is there a lot of crime in Panama?
- Is there a lot of diversity? Are people in Panama accepting of differences?
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- Is the cost of living in Panama high?
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- What are the visa & residency requirements in Panama?
- Are healthcare and health insurance expensive in Panama?
- What do I need to know when buying property in Panama?
- Are foreigners allowed to own property in Panama?
- What appliances are typically included in a rental?
Where should I setup a bank account in Panama?
If you live in Panama, newcomers to Panama would love to hear your answer to this question.
About the Author
Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC
Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.